Mauritius Development Investment Trust : NAV

THE MAURITIUS DEVELOPMENT INVESTMENT TRUST COMPANY LIMITED

Abridged unaudited financial statements for the quarter ended 30 September 2022

MUR '000	Quarter to 30 Sep	MUR '000	Unaudited	Audited
Statement of comprehensive income	2022	2021	Statement of financial position	30-Sep-22	30-Jun-22
Dividend income	7,189	14,972	Assets
Interests and other income	360	327	Investments	1,460,995	1,551,543
Realised gains on disposal of investments	43	782	Current assets	72,265	61,338
Total Income	7,592	16,081	Total assets	1,533,260	1,612,881
Unrealised (loss)/ gain on revaluation of investments	(90,327)	6,688
	(82,735)	22,769	Equity and liabilities
Expenses	(6,507)	(5,796)	Stated capital	423,388	423,388
(Loss)/ Profit before tax	(89,242)	16,973	Retained earnings	962,170	1,051,479
Taxation	(67)	(75)	Total equity	1,385,558	1,474,867
(Loss)/ Profit after tax	(89,309)	16,898
Other comprehensive income	-	-	Current liabilities	147,702	87,207
Total comprehensive (loss)/ income	(89,309)	16,898	Dividends proposed	-	50,807
(Loss)/ Earnings Per Share (MUR)	(0.21)	0.04	Total equity and liabilities	1,533,260	1,612,881
			Net asset value per share (MUR)	3.27	3.48
MUR '000	Quarter to 30 Sep
Statement of cash flows	2022	2021
Net cash generated from operating activities	1,355	22,587	MUR '000	Quarter to 30 Sep
Net cash generated from/ (used in) financing activities	1,570	(19,582)	Statement of changes in equity	2022	2021
Net increase in cash	2,925	3,005	Balance at 1 July	1,474,867	1,400,363
Cash and cash equivalents at 1 July	37,517	22,851	Total comprehensive income	(89,309)	16,898
Effect of exchange rate changes on cash	(462)	(187)	Dividends	-	-
Cash and cash equivalents at 30 September	39,980	25,669	Balance at 30 September	1,385,558	1,417,261

Comments

For the quarter ended 30 September 2022, total income dropped by Rs 8.5M to Rs 7.6M, mainly due to Rs 7.8M reduction in dividend income. The loss per share amounting to Rs 0.21 (2021: profit of Rs 0.04) was mainly attributable to unrealised loss of Rs 90.3M (2021: Gain of Rs 6.7M). At 30 September 2022, MDIT's share price of Rs 2.89 was at a discount of 11.6% to its NAV of Rs 3.27 whereas, at 30 June 2018, it was Rs 4.42 at a premium of 27.38% to its then NAV per share of Rs 3.47. The total dividend of Rs 0.19 per share for the year ended 30 June 2022, of which Rs 0.07 was paid on 10 June 2022 and Rs 0.12 on 30 September 2022, provides a yield of 6.93% p.a. on MDIT's share price of Rs 2.74 at 31 October 2022.

The financial statements, prepared in compliance with International Financial Reporting Standards, and using the same accounting policies as for the year ended 30 June 2022, are issued pursuant to Listing Rule 12.20 and Securities Act 2005. MDIT's Board of Directors accepts full responsibility for the accuracy of this report, a copy of which is available free of charge at the Company's registered office where can be consulted the Statement of direct and indirect interests of the Company's officers, required under the Securities (Disclosure Obligations of Reporting Issuers) Rule 8(2)(m) of 2007.

Ah Vee K. C. Li Chun Fong - Company Secretary

15-Nov-22